[GRTV] Feel the fear and do it anyway

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[GRTV] True success comes when businesspeople are not afraid to have big goals and effect big changes – even if they are not always successful on the first attempt, says David Braithwaite.

Monday, March 26th 2018, 6:55AM 1 Comment

Braithwaite is a UK-based financial adviser and member of the Million-Dollar Round Table. He told attendees at a recent MDRT presentations about change, and the fear of that. He said, for most people, the first reaction was to not want any change at all.

When it was regulatory change it was even tougher because people felt they were less in control of their business, he said. Its fate was in the hands of the regulator.

“But if regulation comes along and we have to make these changes in our practices, the sooner that we start doing it, and the more prepared that we are, the better and easier those changes are.  But first we have to deal with the psychology of that change because with change comes fear. “

Advisers should talk to people who had already gone through the change, and identify how they wanted their practice to be in future.

“Fear is going to happen and sometimes a lot of people wait until they’re ready – whatever ‘ready’ might be.  There's almost no such thing as ‘ready,’ there really isn't.  It’s just a case of being in the right space and actually just making a positive step towards it.

“A lot of people won't change because they feel that they haven't got everything to hand and nothing’s all quite there.  You’ve just got to sometimes leap and build your wings on the way down. 

“It’s not always going to end successfully for you, I grant that.  But if you land on the floor, you can actually go off in any direction that you want, and the chances are because you’ve got at least some wings, you wouldn't have fallen as hard as you would have done either.  But you’re better off for the experience.  And fear brings change, and fear brings challenge, but challenge is a good thing. 

But many people did not even have the basics of a business plan, so had no idea of what steps they might need to take, he said.

“We’re really good at planning our clients’ lives, we’re very good at looking into the future for them and trying to engage them in the way that they want to work.  But often we neglect our own business; and sometimes financial planners aren't very good at planning their own financial lives either.

He said people who owned their own businesses would find their staff would come to them for help, but there was less of a structure when they needed assistance, themselves.

It was important to work with the right team.

“Surrounding yourself with the right people to me is absolutely the most fundamental thing because that will give you the strength when maybe you’re not feeling quite so strong.”

Tags: MDRT

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